- Being in the right place doesn’t mean we won’t take further action
- Exceptionally low means close to where we are now
- Fed takes actions to achieve policy objectives not for meet market outcomes (when asked on Operation Twist)
- Markets are forward looking, end of Operation Twist should be moderate
- Fed has wound down other programs
- Comparisons with Japan not valid as US nowhere near deflation
There’s a nod toward the QE camp, in bold…
